Oil prices record $82.23 for Brent crude and $77.91 for American crude – Youm7

Written by: Marwa Al-Ghoul

Wednesday, November 22, 2023 02:00 PM

Europe faces the winter of 2023-2024 with renewed confidence in its ability to ensure energy security, despite growing concerns arising from the loss of Russia as one of its main energy suppliers. This security is due to a series of coordinated measures and a future vision that prompted the European Union to take concrete measures to strengthen Its flexibility in the field of energy.

The crisis in Ukraine and geopolitical tensions with Russia have raised concerns across Europe about the vulnerability of its energy supplies. For many years, the EU’s dependence on Russian oil and gas imports has been an issue of concern, but recently, the issue has become more urgent. However, it has not The European Union remains passive and has taken decisive steps to confront these challenges.

One of the main strategies has been to promote the diversification of energy supplies. The European Union has made every effort to develop alternative routes and infrastructure for energy imports, thus reducing its dependence on a single source of supply. The construction of gas pipelines and the expansion of liquefied natural gas terminals in Europe have contributed to this diversification.

Investments in renewable energy and energy efficiency were also a key part of the EU strategy that switching to cleaner and more sustainable energy sources not only reduces dependence on fossil fuels, but also contributes to the fight against climate change.

Oil markets have declined approximately 20% since late last September, as crude oil production in the United States, which is the largest producer in the world, remained at record levels, while the market was experiencing a state of concern about the growth of demand, especially from China, the number one importer of oil.